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Discovering Vulnerability - Leaning on Data to help
Manage episode 491407663 series 3293041
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This interview features Stuart Murgatroyd, CEO of Data on Demand, discussing the evolution of data use in financial services to better identify and support vulnerable customers.
It explores how regulatory changes, particularly from the FCA, have pushed firms to seek richer, more diverse data sources beyond traditional credit reference agencies.
The discussion covers innovative products like "Know Your Vulnerable Customer," which aggregate multiple external datasets—such as high-cost loan applications, bereavement, insolvency, and mental health registers—into a holistic vulnerability profile aligned with FCA characteristics.
Stuart highlights practical use cases, challenges in data completeness, and the increasing importance of early identification to prevent harm and improve customer outcomes. It also touches on the future trajectory of vulnerability data, including the integration of AI and the need for ongoing data governance to meet evolving regulatory expectations.
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